• Times and locations of upcoming AGMs can be viewed here.   

• To read all our voting intentions and AGM reports, click here.  

We have published the voting intention reports for the AGMs of Treasury Wine Estates and Deterra Royalties.  

Treasury Wine Estates (ASX:TWE) AGM Thursday, 17 October  

At Treasury Wine Estates we are concerned about director workload and will be voting against the re-election of the Chair John Mullen as a director. He is also the Chair of Brambles and Qantas. We will decide on how we will vote on the re-election of Gary Hounsell, after we seek further information about his workload at the AGM. We will also vote for the Remuneration Report and against the contingent board spill resolution, as we consider the Board heeded shareholders’ disquiet and adjustments to aspects of remuneration related to long-term incentives and transparency of short-term incentives calculation which caused shareholder concern in FY23.  

You can read the voting intentions report here.  

Deterra Royalties (ASX:DRR) AGM Thursday, 24 October 

The big news for Deterra Is the acquisition of the UK company Trident Royalties PLC for approximately A$276m by a scheme of arrangement. Trident has a portfolio of 21 royalties and similar contracts covering multiple commodities and many continents. As a consequence of the acquisition, the dividend policy has been changed to a 50% payout ratio. Deterra is substantially compliant with ASA voting guidelines; hence we are voting in favour of the resolutions.

You can read the voting intentions report here. 

In case you missed it last week:  

Australian Foundation Investment Co (ASX:AFI) AGM – Thursday, 3 October  

AFI’s share price has swung from a significant premium to a significant discount to net tangible assets over the last 3 years, as has been the case with many Listed Investment Companies.  While out of the control of executives, it impacts shareholders, despite sound portfolio performance. You can read the voting intentions report here.  

The Lottery Corporation (ASX:TLC) – Tuesday, 1 October 

ASA supports the AGM resolutions.  We told the company we expect a hybrid meeting rather than a physical meeting with webcast. Read more here.  

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We have also received the AGM report for Metcash Limited (MTS)

Metcash Limited (ASX: MTS)

We voted in favour of all resolutions. For the remuneration report, we remarked that we were happy the STI was partially withheld for a year, but unhappy the LTI are only spread over 3 years. The trend (which ASA supports) is for 4 or more years spread for LTI, as long-term planning is often for 5 years.  The company will be further examining the LTI conditions during this Financial Year. You can read the AGM report here.